Housing prices drop from spring peak as rental rates continue to skyrocket

Seattle home prices are cooling down, but rental prices are continuing to rise as the region copes with rising mortgage rates and the continued effects of the COVID-19 pandemic.

According to new data released by Northwest Multiple Listing Service, (NWMLS) home prices in the Puget Sound region are still falling from their peak in the spring, but home prices are still higher than they were this time last year. In King County, the median single-family home is selling for just under $900,000, $750,000 in Snohomish County, and $550,000 in both Pierce and Kitsap Counties.

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